European Corporate Roundup for Monday
January 22 2018 - 7:56AM
Dow Jones News
In the spotlight on Monday is Sanofi SA, which is set to buy
hemophilia-drug maker Bioverativ Inc. for more than $11.5 billion,
as the French drug manufacturer looks to clinch a big deal while
bracing for generic competition for its top-selling product.
On Sunday, The Wall Street Journal reported that the deal would
value the former Biogen Inc. unit at $105 a share, according to
people familiar with the matter. The price would represent a
premium of about 63% to where Bioverativ closed trading Friday.
On Monday, Sanofi said the deal was approved by its board and by
that of Bioverativ. The deal is expected to close within three
months.
Shares were down 3.5% in afternoon trade.
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One of the luxury industry's biggest firms, Compagnie Financiere
Richemont SA, is gobbling up Yoox Net-a-Porter SA, one of the
fashion world's most disruptive e-commerce companies.
Under the deal Richemont will spend up to EUR2.69 billion ($3.3
billion) buying the shares in YNAP that it doesn't already own.
While the transaction isn't large for the Swiss luxury conglomerate
that owns Cartier, among many other luxury brands, it is a measure
of how the shift from brick-and-mortar to online retailing is
spreading to even the most expensive and exclusive purchases.
YNAP has become a major online marketplace for the luxury
industry in recent years. While major fashion labels have been slow
to establish their own internet-retailing operations, YNAP has
filled the vacuum.
Richemont shares were off 1.2%.
---
Charges related to the U.S. corporate tax overhaul pushed UBS
Group AG into a fourth-quarter loss, the Swiss bank said Monday,
making it the latest bank to take a short-term hit from the
recently enacted legislation.
The Swiss bank reported a net loss of 2.22 billion francs ($2.3
billion) between October and December, compared with a profit of
CHF636 million for the comparable period a year earlier.
The loss was slightly larger than the net loss of about CHF2.15
billion that analysts had expected.
UBS shares were 1.3% lower.
---
(END) Dow Jones Newswires
January 22, 2018 07:41 ET (12:41 GMT)
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